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Acquisition of PERC (Tables) | 12 Months Ended
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Dec. 31, 2019
Acquisition of PERC |
Summary of purchase price for PERC |
Cash consideration |  |  |
Purchase price (excluding working capital) |  | $ | 4,088,817
Cash acquired |  |  | (941,379)
Total cash consideration |  | $ | 3,147,438
Summary of estimated fair values of the assets and liabilities assumed at the acquisition date |
Financial assets |  | $ | 1,371,532
Costs and estimated earnings in excess of billings |  |  | 20,854
Property, plant and equipment |  |  | 86,287
Identifiable intangible assets |  |  | 3,990,000
Deferred tax liability |  |  | (1,117,200)
Accounts payable and accrued liabilities |  |  | (1,260,722)
Working capital adjustment payable |  |  | (23,467)
Deferred revenue |  |  | (117,636)
Billings in excess of costs and estimated earnings |  |  | (760,992)
Net liability arising from put/call options |  |  | (744,000)
Total identifiable net assets |  |  | 1,444,656
Non-controlling interest in PERC |  |  | (3,617,634)
Goodwill |  |  | 5,320,416
|  | $ | 3,147,438
Summary of components of identifiable intangible assets assumed at the acquisition date |
|  | Amount |  | Useful life
Non-compete agreement |  | $ | 130,000 |  | 3 years
Trade name |  |  | 1,300,000 |  | 15 years
Customer backlog |  |  | 360,000 |  | 2 years
Facility management contracts |  |  | 2,200,000 |  | 6 years
|  | $ | 3,990,000 |  |
Summary of results of operations of PERC included in the Company's results of operations |
Revenue |  | $ | 1,376,793
Gross profit |  |  | 407,604
Amortization of intangibles, net of tax benefit |  |  | (81,200)
Net income |  |  | 37,924
Summary of pro forma financial information |
|  | December 31,
|  | 2019 |  | 2018
Revenue |  | $ | 77,615,958 |  | $ | 76,787,893
Cost of revenue |  |  | 47,162,564 |  |  | 47,608,703
Gross profit |  |  | 30,453,394 |  |  | 29,179,190
General and administrative expenses |  |  | 21,620,106 |  |  | 21,451,898
Gain (loss) on asset dispositions and impairments, net |  |  | 447,681 |  |  | (58,434)
Income from operations |  |  | 9,280,969 |  |  | 7,668,858
Other income (expense), net |  |  | 805,093 |  |  | 2,749,833
Income before income taxes |  |  | 10,086,062 |  |  | 10,418,691
Provision for (benefit from) income taxes |  |  | 72,814 |  |  | (651,300)
Net income from continuing operations |  |  | 10,013,248 |  |  | 11,069,991
Income from continuing operations attributable to non-controlling interests |  |  | 1,505,068 |  |  | 792,092
Net income from continuing operations attributable to Consolidated Water Co. Ltd. stockholders |  |  | 8,508,180 |  |  | 10,277,899
Gain on sale of discontinued operations |  |  | 3,621,170 |  |  | —
Net income from discontinued operations |  |  | — |  |  | 1,115,825
Total income from discontinued operations |  |  | 3,621,170 |  |  | 1,115,825
Net income attributable to Consolidated Water Co. Ltd. stockholders |  | $ | 12,129,350 |  | $ | 11,393,724
Basic earnings per common share attributable to Consolidated Water Co. Ltd. common stockholders |  |  |  |  |  |
Continuing operations |  | $ | 0.57 |  | $ | 0.69
Discontinued operations |  |  | 0.24 |  |  | 0.07
Basic earnings per share |  | $ | 0.81 |  | $ | 0.76
Diluted earnings per common share attributable to Consolidated Water Co. Ltd. common stockholders |  |  |  |  |  |
Continuing operations |  | $ | 0.56 |  | $ | 0.68
Discontinued operations |  |  | 0.24 |  |  | 0.07
Diluted earnings per share |  | $ | 0.80 |  | $ | 0.75
Weighted average number of common shares used in the determination of: |  |  |  |  |  |
Basic earnings per share |  |  | 15,025,639 |  |  | 14,962,760
Diluted earnings per share |  |  | 15,137,076 |  |  | 15,074,147

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